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Once you find the house that is "the one", the mortgage work begins. Finding out what your mortgage options are is going to be done by talking to a couple of different banks. Banks are going to pay special attention to first time buyers in this process and may even give them some specials. Banks are either going to accept your mortgage application without any hesitation or reject it without any hesitation. <br />
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They love applications that are backed with a good credit score and a stable financial history. On the other hand, they are going to hate it if you have a bad score, and you might find it impossible to get a mortgage from anyone but a lender that specializes in high-risk mortgages. <br />
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So what exactly can first time buyers expect? Well when you are getting your first mortgage or loan for a house, you are going to find that first time buyers are sometimes going to get special treatment from banks. Sometimes they will be able to get a quarter or a half percent off the interest rate, other times they will be able to enjoy no closing costs or fees and other times a first time buyer might be able to get some sort of special deal on mortgage insurance that they have to pay if they can't come up with the required down payment all at once.<br />
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Some banks are going to offer those first time buyers a chance to learn about mortgages. This usually comes in the form of a class or seminar where you can learn all about mortgages. Sometimes these classes are optional but some banks require that everyone learn about budgeting your money, how much mortgage they can afford, the different types of mortgages out there, how to pay off their mortgage and other things that you need to make the transition from renter to homeowner successful. <br />
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Why are banks so concerned about first time buyers? The reason banks want you to be happy is that if you are impressed by their services you are going to be more likely to come back in the future for your next mortgage or for other financial services. When you move, you will need another mortgage. If you were satisfied with the service that you received, you are going to be more likely to come back, which makes more money for the bank. <br />
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First time buyers can experience a lot of advantages over repeat mortgage seekers in that they are going to get service that is going to explain the whole process to them and perhaps even some special deals. However, first time buyers should be smart and still use this as an opportunity to shop around and find that best deal that is going to get them into their dream house without spending any more money than necessary.</div><div class='uawresource'><div style='font-style:italic;' class='uawabout'><br />
About the Author:<br />
</div><div class='uawlinks'>Want To Become A <a href="http://www.mortgageloans.ie/First-time-buyer.html">First Time Buyer</a>? Phone Brendan at 01 4790579 Now </div><br />
</div>
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